22 February 2017

NIFTY OUTLOOK & FREE NIFTY TIPS FOR 23 FEB 2017

The Sensex rose on Wednesday as Reliance Industries climbed to a near 8-year high after investors welcomed plans by its telecom unit to start charging customers for services. Nifty closed at 8926 levels, up by 19 points; while Sensex closed at 28864 levels, up by 103 points. Investors were however expected to remain cautious ahead of the release of minutes from a policy meeting by the Reserve Bank of India earlier this month when it held interest rates steady, unexpectedly shifting its policy stance to “neutral” from “accommodative”. The overall sentiment in the market remains positive and we can expect to see the indexes touching new highs soon.
On the upside, 8950 through 8975 would be the first supply zone to watch out for—once this range is taken out we can expect another dash at the 9000 or higher levels. Further up, resistance is likely to be felt between 9030 and 9075. On the other hand, if it were to go down below 8900 and sustain there it is likely to get good support between 8870 and 8850.
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Resistance: 8950, 8970, 9000
Support: 8900, 8870, 8850

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